This/Next Week Forecast (October 19 – 23, 2020)
Uptrend scenario
The uptrend may be expected to continue in case the market rises above resistance level 41.65, which will be followed by reaching resistance level 43 – 43.75.
Downtrend scenario
An downtrend will start as soon, as the market drops below support level 39.30, which will be followed by moving down to support level 36.65 – 36.10.
previous week crude oil forecast chart
Fundamental Analysis
Difference between supply and demand showing fair price between the levels 45 – 52.
Long-term Forecast
(Quarter III: July – September, 2020)
Uptrend scenario
An uptrend will start as soon, as the pair rises above resistance level 41.05, which will be followed by moving up to resistance level 50.50.
Downtrend scenario
The downtrend may be expected to continue, while pair is trading below resistance level 41.05, which will be followed by reaching support level 34.35 and if it keeps on moving down below that level, we may expect the pair to reach support level 26.00 – 21.42.
